A makeover is in store for a prime parcel in the heart of Austin. The University of Texas is inviting developers to reinvent a tract known as Block 71.

The 1.6-acre parcel is bounded by West Seventh, Colorado, West Sixth and Lavaca streets. Block 71 encompasses two office buildings, four garages, and an open-air plaza with a fountain and live oaks. When the university relocates to its new $102 million headquarters on the north side of West Seventh Street in 2017, the parcel will become available for redevelopment.

The request for qualifications process offers candidates an opportunity to outline a basic vision for the redevelopment, which could include a mix of residential, office and retail components.

Scott Kelley, the university’s executive vice chancellor for business affairs, noted in a statement that officials will review RFQ submissions over the next four weeks. Qualified candidates will then be asked to submit detailed proposals, and the university expects to select a project by the end of the year.